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INCOME TAX IN GIBRALTAR
Taxes on income received in Gibraltar are charged through a PAYE style system on current year basis. Single people, married couples, children, dependant relatives, etc, all receive allowances. Mortgage interest, life assurance premiums, pension contributions and building society interest all receive tax relief are all subject to certain conditions. There is no capital gains, wealth or inheritance tax, estate duty or value added tax in Gibraltar.
The Budget in July 2005 put forward several changes on individual taxation including the abolition of tax on savings income and increased personal allowances.
The banding rates of income in Gibraltar are as follows:
| Income Band Gibralter Pound |
Tax Rate % |
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| 0 - 4000 |
17 |
| 4001 - 10,000 |
30 |
| 10,001 - 15,000 |
35 |
| 15,001 Upwards |
45 |
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